Temasek Holdings

UAO Editorial September 6, 2026 36 min read

Registry · Top 100 · Rank 23 · Investment company (government-owned) · Singapore · Last researched 6 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

Temasek Holdings is a global investment company headquartered in Singapore. It was incorporated under the Singapore Companies Act on 25 June 1974 and is wholly owned by the Singapore Government, with the Ministry of Finance acting as the shareholder interface in the official governance narrative. Temasek’s published Purpose is So Every Generation Prospers.

Prefer Singapore dollar (S$ / SGD) labels. As at 31 March 2026, Temasek reported Net Portfolio Value (NPV) of S$518 billion on a mark-to-market (MTM) basis—up S$49 billion year-over-year and described officially as a doubling of the portfolio over the past decade. The same release pairs that NPV with Temasek’s own conversions of US$401 billion, €350 billion, £304 billion and RMB 2.77 trillion. Do not invent other USD headline AUM figures.

Long-horizon Total Shareholder Return (TSR) as at 31 March 2026: 20-year 6.8% and 10-year 7.1% in Singapore dollars; five-year TSR was 4.6%; one-year TSR was 10.5% in S$ (14.8% in US$; 12.9% on a constant-currency basis). During the financial year ended 31 March 2026 Temasek invested S$51 billion and divested S$31 billion (net investment S$20 billion).

Leadership verified on temasek.com.sg: Chairman Teo Chee Hean (appointed Chairman 9 October 2025); Executive Director and Chief Executive Officer Dilhan Pillay Sandrasegara (CEO since 1 October 2021); Chief Investment Officer of Temasek International Rohit Sipahimalani (CIO since 1 January 2020—live-verified). From 1 April 2026 the investment portfolio is managed through wholly-owned entities Temasek Singapore (TSG), Temasek Global Investments (TGI) and Temasek Partnership Solutions (TPS), with Temasek International (TI) as institutional enabler, operating collectively as OneTemasek under the T2030 strategy.

Researchers use this profile because Temasek publishes an unusually open annual Review for an exempt private company, states clearly that it owns its assets (and is not Singapore’s CPF or FX-reserves manager), and discloses segment mix, TSR, sustainability metrics and organisational redesign in primary documents. Related UAO hubs: Registry, GIC, CPF Board, and Careers Intelligence.

Influence context for Registry users: Temasek sits among Singapore’s major public-balance-sheet capital institutions alongside GIC and CPF Board, but with a distinct owner-investor legal identity. Rank ~23 on UAO’s Top 100 working list is an editorial placement for navigation—not an official Temasek ranking. SAFE remains skipped in the live elite sequence; this Temasek profile is intended as the 22nd live elite institution SSR after Türkiye Wealth Fund.

Speakable summary

Temasek Holdings is Singapore’s government-owned global investment company, incorporated in 1974. As at 31 March 2026 its mark-to-market net portfolio value was S$518 billion. CEO Dilhan Pillay Sandrasegara leads the firm; Rohit Sipahimalani is Chief Investment Officer of Temasek International. Temasek owns its assets, is a Fifth Schedule entity protecting past reserves, and is not the manager of CPF savings or Singapore’s foreign-exchange reserves.

Mandate & ownership

Official corporate-governance text states Temasek was incorporated as a company under the Singapore Companies Act on 25 June 1974 and is wholly owned by the Singapore Government. The Board is accountable to the shareholder for long-term returns; day-to-day management is delegated to senior management. Board appointment, reappointment and removal rights sit with the shareholder under the Companies Act, subject to the President’s concurrence—part of Singapore’s “second key” design for past-reserves integrity. The Board’s appointment or removal of the CEO is likewise subject to Presidential concurrence.

Under the Singapore Constitution, Temasek is a Fifth Schedule entity with a constitutional responsibility to safeguard the Company’s past reserves. Temasek’s reserves form part of Singapore’s past reserves. The Chairman, CEO and each Board member share that protection duty. There is no draw on past reserves if total reserves equal or exceed past reserves; mark-to-market declines on existing investments are not a draw; disposals must be at fair market value.

What the mandate is not. Temasek’s governance pages emphasise that Temasek owns its assets—it is not a fund manager of Singapore’s Central Provident Fund savings, of the Singapore Government’s assets, or of the Monetary Authority of Singapore’s foreign-exchange reserves, and it does not manage the assets of any other Fifth Schedule entity. Official language also states Temasek is not state-directed: neither the President nor the Singapore Government is involved in or directs investment strategies, investment decisions or other business decisions, except in relation to protection of past reserves.

UAO framing therefore treats Temasek as a government-owned investment company—not as a classic sovereign wealth fund manager of third-party reserves in the GIC sense. Secondary league tables sometimes label Temasek an SWF; that label is not Temasek’s primary self-description and is not used here as a mandate claim.

Dividends are declared annually under a Board-set dividend policy that balances distribution to the shareholder with retention for reinvestment and the constitutional past-reserves duty. The Board recommends the dividend for shareholder acceptance at the annual general meeting. Each year the Board and senior management brief the President and the Council of Presidential Advisers, and meet the Finance Minister and Ministry of Finance officials to review performance and strategies.

Purpose language published across Temasek properties centres on acting today with tomorrow in mind so every generation prospers—paired with the commercial objective of good sustainable returns over the long term. Charter language (referenced on governance pages) sets out who Temasek is and what it does; Values and the T-Code operationalise conduct expectations for employees. Community stewardship via Temasek Trust is presented as part of the social licence accompanying global investing, funded from a Board-approved share of net positive returns above risk-adjusted cost of capital since 2003—not as a substitute for the investment return mandate.

Scale & portfolio

As at 31 March 2026, Temasek’s headline scale metric is Net Portfolio Value of S$518 billion on an MTM basis. NPV is defined officially as the net value of the portfolio—the total market value of investments after liabilities. Portfolio figures from the financial year ended 31 March 2016 onwards have been restated to MTM for unlisted investments; earlier reporting valued unlisted holdings at book value. Listed investments remain at market prices; unlisted funds and co-investments were already marked to market.

For context on the reporting transition: Temasek’s 9 July 2025 release reported book-basis NPV of S$434 billion as at 31 March 2025, noting that MTM NPV would have been S$469 billion. The 2026 Review presents the restated MTM series with S$469 billion at 31 March 2025 and S$518 billion at 31 March 2026. Researchers should cite the basis (book vs MTM) when comparing across Review vintages.

As at 31 MarchNPV (S$ b, MTM series)NPV (US$ b, official)
2026518401
2025469350
2024420311
2023411309
2022438323
2021414308
2020326229
2019338250
2018329251
2017292209

The portfolio is anchored by three segments with an approximate 40-40-20 distribution that has largely held since 2018: Singapore-based Temasek Portfolio Companies (TPCs) 43%, Global Direct Investments (GDIs) 38%, and Partnerships, Funds, and Asset Management Companies (PFAs) 19% as at 31 March 2026. Ten-year IRRs in S$: TPCs 8.1%, GDIs 7.6%, PFAs 7.7%.

TPCs are described as companies in which Temasek holds a stake of at least about 20%, generating in aggregate approximately S$200 billion in revenue and employing over 400,000 people globally (2026 Review narrative). GDIs focus on emerging and established market leaders across sectors and geographies; listed investments were 63% of the GDI book and unlisted 37% as disclosed for the year. PFAs broaden alternatives exposure via GP partnerships, co-investments and asset-management platforms including Temasek’s main platform Seviora Holdings (Pavilion Capital integrated into Seviora Group during the year).

Reading the segment IRRs alongside headline TSR helps separate money-weighted invested-portfolio outcomes (IRR) from shareholder-level compounded returns that include dividends (TSR). Both are official; they answer different questions. NPV remains the stock measure of net portfolio wealth after liabilities on the chosen valuation basis (now MTM for the live series).

Governance & leadership

The Temasek Holdings Board, together with the CEO, oversees the overall portfolio and guides collective leadership as OneTemasek under T2030. Official governance text states there are no nominees of the Singapore Government or any other government on the Board. The Board reserves long-term strategy, annual budget, audited statutory accounts, major investment/divestment and funding proposals, CEO appointment and succession, Board changes, and portfolio risk appetite.

Board leadership (live Our Board): Chairman Teo Chee Hean (appointed 9 October 2025 after joining as Deputy Chairman in July 2025; Senior Advisor in the Prime Minister’s Office). Deputy Chairman Tan Chong Meng (Deputy Chair from 9 October 2025; Director since April 2024). CEO and Board member Dilhan Pillay Sandrasegara. Other Directors listed on the official Board page include Jenny Lee; Lee Theng Kiat; Ong Pang Thye; Jim Hagemann Snabe; Tan Chee Meng; Geoffrey Wong EK; Leo Yip; and Jaime Augusto Zobel de Ayala. Where UAO Registry person pages do not exist, names appear as plain text only.

Board committees (official): Executive Committee (ExCo), Audit Committee (AC), Leadership Development & Compensation Committee (LDCC), Sustainability Committee (SC), Risk Committee (RC), and Cyber and AI Sub-Committee (CASC under Risk). Decisions use simple majority; circular resolutions require at least two-thirds.

Executive leadership (live Our Leadership): Dilhan Pillay Sandrasegara — Executive Director and CEO of Temasek Holdings since 1 October 2021 (joined September 2010); chairs Strategy, Portfolio and Risk Committee (SPRC), Senior Divestment and Investment Committee (SDIC) and Senior Management Committee (SMC); oversight of TSG, TGI, TPS and TI. Rohit Sipahimalani — Chief Investment Officer, Temasek International, since 1 January 2020 (joined November 2008); SPRC and SDIC member. Chia Song Hwee — CEO of Temasek Global Investments from 1 April 2026 and Chairman, Middle East & Africa (from 1 September 2026). Png Chin Yee — Chief Financial Officer, Temasek International (since 1 January 2023) and President, Temasek Singapore (from 1 April 2026). Nagi Hamiyeh — President, Temasek Global Investments, and Head of EMEA (per 2026 Review spokesperson roster).

Additional corporate officers named on the leadership page include Chan Wai Ching (Chief Corporate Officer, TI); Wendy Koh (Chief Financial Officer-designate, TI; joined August 2026); Sherlyn Lim (Chief People Officer); Bob Mainprize (Chief Risk Officer); Kyung-Ah Park (Chief Sustainability Officer); and Yeoh Keat Chuan (Chief Operating Officer, TI, from 1 April 2026). Deputy CIO titles disclosed include Paul Liu Yen-Chun (Private Strategies) and Suranjan Mukherjee (Liquid Strategies).

Independence and conflict management: Board members with interests that may conflict with specific Temasek interests are recused from relevant information flow, deliberations and decisions. Quarterly Board meetings include Executive Sessions for non-executive Directors without management present, and annual CEO succession review is part of those deliberations. The Board has separate and independent access to information and employees, including minutes of key management committee meetings.

Investment philosophy

Temasek describes itself as a generational investor seeking good sustainable returns over the long term, guided by Purpose, Charter and Values, and operating on commercial principles. The T2030 strategy aims to build a resilient and forward-looking portfolio that can withstand exogenous shocks, perform through market cycles, and pursue growth above a risk-adjusted cost of capital.

The 2026 Review theme From Complexity to Clarity emphasises sensing, adapting and thriving. Near-term opportunity areas called out officially include artificial intelligence, core-plus infrastructure and private credit. AI-related exposure was about 6% of portfolio value (excluding related TPC exposure), with an aim to increase to up to 15% by the financial year ending 31 March 2031, across energy and data centres, semiconductors, cloud, foundation models, and AI applications/software infrastructure. Core-plus infrastructure exposure was about 1% with a plan to scale to 5% by FY2031; private credit about 2% toward 5%, anchored by Aranda Principal Strategies (consolidated in 2024 with an initial S$10 billion portfolio, since crossing S$13 billion with over S$1 billion in annual recurring income).

GDI activity examples disclosed for the year include investments such as Anthropic and OpenAI (US), ANE and Luckin Coffee (China), and Ermenegildo Zegna Group (Europe), and an exit from Schneider Electric India Private Limited. On the TPC side, February 2026 saw ST Telemedia’s remaining 82% stake in ST Telemedia Global Data Centres sold to KKR and Singtel for S$6.6 billion—described as one of Southeast Asia’s largest digital-infrastructure transactions. China underlying exposure was disclosed as up S$10 billion over the year amid a rebound in market valuations.

Investment Stewardship (set up in 2024) supports engagement, voting and governance with TPCs. Temasek publishes that it does not direct day-to-day business decisions of portfolio companies; boards and management of those companies remain responsible. Voting policy and jurisdiction-specific guidelines frame ownership rights on board composition, remuneration and shareholder rights.

Portfolio construction rhetoric emphasises domestic businesses with strong competitive advantages and global market leaders with pricing power, aiming for returns with a narrower range of outcomes in a more complex geopolitical environment. Liquidity management and exposure sizing are elevated alongside long-term ownership of quality assets—especially visible in the GDI listed tilt and private-credit cash-yield sleeve.

Climate / ESG / ethics

Sustainability is described as core to Temasek’s operating and portfolio approach. For the year, Temasek reported deploying S$5 billion aligned with the Sustainable Living trend (renewable energy, electrification, climate technologies, industrial decarbonisation, energy resilience), including named examples such as Luminace, CleanMax, NARI Technology and Amperesand. As at 31 March 2026, portfolio value aligned with that trend was S$49 billion.

Official honesty on targets: given slower and divergent mitigation in some markets/sectors and delays in hard-to-abate technologies, Temasek states it is unlikely to meet its interim 2030 climate target (set in 2019: to halve net emissions attributable to the portfolio from 2010 levels), while remaining committed to a 2050 net zero ambition.

For the financial year ended 31 March 2026: Total Portfolio Emissions remained at 21 million tCO2e; Portfolio Weighted Average Carbon Intensity decreased to 83 tCO2e/S$M revenue (from 89); Portfolio Carbon Intensity decreased to 50 tCO2e/S$M portfolio value (from 57). Since 2019, absolute portfolio emissions are described as down around 30% and carbon intensity improved even as portfolio value grew by over 50%. Detail: Sustainability Report 2026 at temasek.com.sg/SR2026.

Ethics and conduct: the Senior Management Committee developed the Temasek Code of Ethics and Conduct (T-Code); an Ethics Committee assists implementation; all employees must comply. A public whistle-blowing channel is provided for alleged misconduct of Temasek directors or employees (portfolio-company issues are directed to those companies).

Sustainability Committee oversight at Board level (chaired by Deputy Chairman Tan Chong Meng per the governance matrix) sits alongside the Chief Sustainability Officer role (Kyung-Ah Park) responsible for advancing strategy toward a climate-resilient, net-zero portfolio and enabling nature-positive and inclusive growth, including ESG integration across new investments and portfolio-company engagement. UAO records these structures as published; it does not invent additional climate targets beyond the 2030 interim (unlikely) and 2050 net-zero statements.

Performance & reporting

Primary performance publications: annual Temasek Review (Review 2026 theme From Complexity to Clarity; site temasekreview.com.sg), the 8 July 2026 NPV news release, Portfolio Performance pages, and Sustainability Report 2026. As an exempt private company Temasek is not required to publish statutory financials publicly, but states that annual statutory financial statements are audited by a major international audit firm and that consolidated group financials appear in bond offering circulars.

TSR horizonS$ %US$ %
20-year6.88.0
10-year7.17.5
5-year4.65.4
1-year10.514.8

TSR is compounded and annualised, includes dividends paid to the shareholder, and excludes shareholder investments into Temasek shares. Singapore dollars are the currency of account; US$ TSR is provided for peer benchmarking. About half the portfolio is denominated in non-S$ currencies; for FY2026 a stronger S$ against key exposures (including USD 3.8%, HKD 4.6%, INR 13.2%) reduced one-year S$ TSR by about two percentage points versus constant currency.

Cumulative investments and divestments for the decade ended 31 March 2026: investments S$371 billion (US$276b official) and divestments S$297 billion (US$219b). One-year activity: S$51b invested / S$31b divested.

Because Temasek reports TSR in both Singapore dollars and US dollars, peer comparisons should state the currency basis. S$ is Temasek’s currency of account; US$ TSR is explicitly for global peer benchmarking. One-year gaps between S$ (10.5%), constant-currency (12.9%) and US$ (14.8%) illustrate how FX translation can dominate short-horizon readings even when underlying asset performance is stronger—reinforcing Temasek’s preference that researchers emphasise long-horizon TSR and NPV.

Controversies & debates

Official attributable items first. Temasek’s own 2026 materials openly discuss: (1) the unlikely attainment of the interim 2030 climate target while restating 2050 net-zero ambition; (2) five-year TSR pressure from China capital-market headwinds 2021–2024, partially offset by sharper execution since January 2024; (3) a 2% NPV drawdown in the final month of FY2026 linked to Middle East events that reversed part of earlier GDI gains; and (4) the full shift to MTM reporting for unlisted assets, which increases visible volatility versus prior book-value practice.

Structural public debates that recur in secondary commentary—but are answered in Temasek’s primary governance text—include whether Temasek is a “sovereign wealth fund,” the degree of state direction, and confusion with GIC or CPF. Primary pages answer those by stressing asset ownership, commercial decision-making, Fifth Schedule past-reserves duty, and explicit non-management of CPF/FX reserves. UAO does not invent controversy narratives beyond these attributable frames.

Temasek’s public site also carries scam/impersonation alerts; researchers should use official domains (temasek.com.sg / temasekreview.com.sg) and treat unsolicited parties claiming affiliation with caution.

Secondary press sometimes debates Temasek’s listed TPC concentration, China cycle exposure, or the optics of political-linked Chair appointments. Where those debates are not matched by an official Temasek action statement beyond the attributable items above, UAO labels them as secondary and does not elevate them into primary narrative. Appointments of Teo Chee Hean and Tan Chong Meng are recorded here as official Board facts with dates, not as inferred political directives—consistent with Temasek’s published non-direction language on investment decisions.

Timeline

  • 25 June 1974 — Temasek incorporated under the Singapore Companies Act.
  • 2004 — Annual Temasek Review portfolio-performance publication practice begins (per governance narrative).
  • 1 January 2020 — Rohit Sipahimalani becomes Chief Investment Officer, Temasek International.
  • 1 October 2021 — Dilhan Pillay Sandrasegara appointed Executive Director and CEO, Temasek Holdings.
  • 2022 onward — MTM uplift of remaining unlisted assets disclosed alongside book-basis NPV.
  • 2024 — Investment Stewardship team established; Aranda Principal Strategies consolidates private-credit activities (initial S$10b).
  • 31 March 2025 — Book-basis NPV S$434b; MTM NPV S$469b (2025 Review / July 2025 release).
  • 1 October 2025 — Chia Song Hwee announced as Co-CEO, Temasek International (transition toward new structure).
  • 9 October 2025 — Teo Chee Hean appointed Chairman; Tan Chong Meng appointed Deputy Chairman.
  • 1 April 2026 — TSG, TGI and TPS operating structure effective; TI as institutional enabler.
  • 31 March 2026 / 8 July 2026 — MTM NPV S$518b; Temasek Review 2026 published.
  • 1 September 2026 — Chia Song Hwee concurrently Chairman, Middle East & Africa (leadership page).

Annex: NPV series (S$ / US$)

The 8 July 2026 key-figures table restates NPV on an MTM basis from FY2016 onward. Selected decade markers (S$ b / US$ b): 2026 518/401; 2025 469/350; 2024 420/311; 2023 411/309; 2022 438/323; 2021 414/308; 2020 326/229; 2019 338/250; 2018 329/251; 2017 292/209. Exchange rates are those as at 31 March of each year per Temasek’s footnote—not UAO conversions.

For FY2025 communications before full MTM restatement in the 2026 package, researchers will still encounter the book-basis headline S$434 billion (US$324b in that release) plus a stated MTM uplift of S$35b to S$469b. Cite both the vintage and the basis when comparing.

Annex: TSR & FX notes

TSR footnotes in Review 2026: restated for MTM reporting except periods prior to 31 March 2016; 1-, 5- and 10-year performance from FY2026 are on MTM; 20-year MTM TSR includes a one-time NPV uplift in March 2016 from the book-to-MTM transition for unlisted investments. Constant-currency one-year TSR of 12.9% isolates FX translation effects when the Singapore dollar strengthens against major exposures.

Unlisted vs listed decade colour (official footnote): unlisted positions generated annualised returns of 10.0% in S$ (10.6% US$) over the past decade versus 6.1% S$ (6.4% US$) for listed assets— even as GDI increased liquid listed allocation for flexibility in an uncertain environment.

Annex: Portfolio segments depth

TPCs (43%). Focus of Temasek Singapore: globally competitive, future-ready Singapore-rooted companies; cross-portfolio work on board/management renewal, AI transformation and workforce upskilling, sustainability integration, collaboration across TPCs, and capital-markets positioning via Investment Stewardship. Active engagement tools include strategic reviews, capital-structure optimisation, restructuring and transformational M&A (STT GDC example).

GDIs (38%). Higher risk-return global book via Temasek Global Investments; concentrate capital into fewer, larger, higher-conviction opportunities; deepen public-market capabilities including commodities/critical metals and developed-market equities; private side takes direct minorities and co-invests with trusted GPs; value-creation focus on select large positions. Key markets called out by CIO commentary: US, Europe, China and India.

PFAs (19%). Alternatives and partnership capital via Temasek Partnership Solutions; strategic review of AMCs with Seviora; AMC universe also includes names such as 65 Equity Partners, Aranda Principal Strategies, Decarbonization Partners and True Light Capital (official footnote list). Seviora positions itself as a capital gateway between Asia and the rest of the world across PE, private credit, public markets and tailored financing.

Annex: TSG / TGI / TPS / TI

Effective 1 April 2026, portfolio management runs through three wholly-owned investing entities plus TI: Temasek Singapore (TSG) — TPC portfolio and Singapore-rooted franchise; Temasek Global Investments (TGI) — global direct book; Temasek Partnership Solutions (TPS) — partnerships, funds and AMC solutions; Temasek International (TI) — group and corporate functions, enterprise-wide governance, macro/risk translation into capital allocation, shared services and institutional capabilities. Dilhan Pillay was appointed Chairman of TI, TGI, TSG and TPS concurrent with his Holdings CEO role in the transition design; Chia Song Hwee became CEO of TGI and Deputy Chairman roles across entities per the 2025 organisational announcement.

Management committees with Board-delegated authority—SPRC, SDIC and SMC—are chaired by the Temasek Holdings CEO and draw senior members across TI, TSG, TGI and TPS, reinforcing OneTemasek operating discipline.

Annex: Board roster

Live Board page (September 2026 research pass): Teo Chee Hean (Chairman); Tan Chong Meng (Deputy Chairman); Jenny Lee; Lee Theng Kiat; Ong Pang Thye; Jim Hagemann Snabe; Tan Chee Meng; Geoffrey Wong EK; Leo Yip (Director since August 2026; former Head of Civil Service until 1 April 2026); Jaime Augusto Zobel de Ayala; and CEO Dilhan Pillay Sandrasegara. Committee chair map from the governance table: Teo chairs Board, ExCo and LDCC; Tan Chong Meng chairs Sustainability; Ong Pang Thye chairs Audit; Jim Hagemann Snabe chairs Risk and CASC. Cheng Wai Keung appears as a co-opted LDCC member.

Biographical colour on the official page (not invented): Teo’s prior roles include Senior Minister (2019–2025) and Deputy Prime Minister (2009–2019); Tan Chong Meng is former Group CEO of PSA International; Jenny Lee is Senior Managing Partner at Granite Asia; Lee Theng Kiat previously chaired Temasek International (April 2019–March 2026) and chairs Singapore Telecommunications Ltd; Ong is former Managing Partner of KPMG Singapore; Snabe chairs Siemens AG’s Supervisory Board; Tan Chee Meng is Senior Counsel and Deputy Chairman of WongPartnership; Geoffrey Wong is former Head of Emerging Markets and Asia-Pacific at UBS Asset Management; Zobel de Ayala chairs Ayala Corporation.

Annex: Senior management depth

Beyond the CEO/CIO/CFO core, the leadership directory lists regional and sector heads used in this profile only as named on the official page—for example Wu Yibing (CEO, China), Jane Atherton (Head, North America), Ralph Berg (Head, Europe), Ravi Lambah (Head, India / Strategic Initiatives), Fock Wai Hoong (Head, Asia Pacific ex-China & India), and sector leads across financial services, healthcare & life sciences, agri-food, real estate, emerging technologies and AI strategy. Gabriel Lim is Executive Director and CEO of Seviora Holdings; Dilhan Pillay is listed as Chairman of Seviora Holdings.

SPRC shapes portfolio and balance-sheet posture including capital structure, liquidity and investment/divestment posture, and oversees risk frameworks (derivatives, FX, hedging/overlays). SDIC decides investments/divestments within Board-delegated limits, escalating beyond those limits to ExCo and/or Board. SMC sets management and organisational policies including internal-control frameworks supporting governance and portfolio management.

Annex: AI, private credit, infrastructure

AI strategy pillars (official): AI-enabling Temasek (embed AI in investing/operations); AI-proofing the portfolio (TPC adoption; GDI risk/opportunity management); scaling AI exposure across the value chain; supporting AI diffusion beyond the portfolio via ecosystem partnerships and responsible practices. An AI pod was established in 2019 as an early multidisciplinary team.

Private credit: Aranda Principal Strategies consolidates more than a decade of activity; initial S$10b book in 2024, later above S$13b with >S$1b annual recurring income; focus on senior secured structures across corporate lending, asset-backed financing and real-estate credit to limit concentration. Infrastructure: ageing assets and grid modernisation, renewable and nuclear energy, storage, and breakthrough decarbonisation technologies tied to electrification and AI data-centre demand.

Annex: Sustainability Report 2026 fold

Primary pointers only: Sustainability Report 2026 URL path temasek.com.sg/SR2026; emissions and intensity metrics as quoted in the 8 July 2026 release (21 MtCO2e; WACI 83; intensity 50); Sustainable Living aligned value S$49b; S$5b deployed in-year; interim 2030 target unlikely; 2050 net zero retained. Portfolio emissions metrics from FY2016 onward restated for MTM valuation of unlisted investments. Exclusions in Total Portfolio Emissions methodology: private-equity funds, credit and certain other assets (per release footnotes).

Annex: Community stewardship

Since 2003 Temasek has set aside a portion of net positive returns above its risk-adjusted cost of capital for community gifts, approved by the Board and donated largely to Temasek Trust under CUPA objectives: Connecting People, Uplifting Communities, Protecting Our Planet, Advancing Capabilities. The Temasek Trust Collective mirrors priorities styled Planet, People, Peace and Progress. Official glance page: gifts to Temasek Trust have impacted about 5 million lives across Singapore and beyond. Direct giving also occurs to Public, Private and People-sector partners.

Annex: Fifth Schedule & past reserves

Fifth Schedule status places Temasek alongside other constitutionally designated entities with past-reserves protection duties. Operational implications emphasised officially: Presidential concurrence on Board/CEO changes; annual briefings to the President and Council of Presidential Advisers; no draw on past reserves when total reserves ≥ past reserves; MTM declines ≠ draw; realised losses on fair-market disposals ≠ draw. This constitutional overlay coexists with commercial Board fiduciary duties to the Company.

Annex: NIR framework context

Under Singapore’s Net Investment Returns (NIR) framework, the Government may spend up to 50% of the expected long-term real rates of return of GIC, the Monetary Authority of Singapore, and Temasek. Temasek’s governance page states the NIR framework does not affect, change or impact Temasek’s duty to protect past reserves, its dividend policy, or its strategies and operations as a long-term investor. NIR is therefore fiscal-policy context for the shareholder, not an investment-mandate rewrite.

Annex: Portfolio-company engagement

Engagement themes: board effectiveness; alignment of executive compensation with performance; strategy and risk oversight; sustainability material to long-term value; preparedness for AI, cybersecurity, trade fragmentation and climate disruption. Temasek may appoint employees as representative directors where appropriate; those directors owe primary fiduciary duties to the portfolio company and must recuse where required. Temasek does not provide financial guarantees for portfolio-company obligations; the Singapore Government likewise does not guarantee Temasek’s obligations. Boards are expected to be predominantly independent with separated Chair/CEO roles advocated.

Annex: Offices & scale

About Temasek (2026 release): 13 offices in 9 countries—Beijing, Hanoi, Mumbai, Shanghai, Shenzhen and Singapore in Asia; Brussels, London, Mexico City, New York, Paris, San Francisco and Washington, DC outside Asia. Home-page people language references over 900 people of more than 30 nationalities (Temasek Heartbeat). Organisation scale figures for TPCs (aggregate revenue ~S$200b; >400,000 employees globally) describe the portfolio-company footprint, not Temasek headcount.

Annex: Currency honesty

UAO headline figure for this profile: S$518 billion NPV (MTM) as at 31 March 2026. Official companion conversions published by Temasek (US$401b, €350b, £304b, RMB2.77t) may be quoted as such. Prior-year book-basis S$434b / US$324b (31 March 2025 release) remains historically accurate for that vintage but is superseded as the live headline by the 2026 MTM series. No unofficial USD spot conversions are invented here.

Method note for analysts: when quoting Temasek AUM in cross-border league tables, prefer the official S$518 billion MTM NPV as at 31 March 2026 and, if a US dollar figure is required, use Temasek’s own published US$401 billion pairing for that date rather than applying a spot FX conversion. Pair any FY2025 S$434 billion citations with an explicit book-basis label so they are not confused with the restated MTM series used in Review 2026.

Annex: Research notes

Opened primaries for this ship: temasek.com.sg home; Temasek at a Glance; Corporate Governance; Our Board; Our Leadership; Portfolio Performance; 8 July 2026 NPV news release; Temasek Review 2026 site; Sustainability Report 2026 pointer; 2025 organisational-structure news; Temasek Digital YouTube oEmbed for VideoObject. INST snapshot titles for CEO/CIO were re-verified live before claiming. Desk hydrate registry-people-desk-41.json was not modified. Daily-refresh left disabled.

Annex: FY2025 to FY2026 reporting bridge

Temasek’s 9 July 2025 news release reported a record book-basis Net Portfolio Value of S$434 billion as at 31 March 2025 (up S$45 billion), driven largely by listed Singapore-based Temasek Portfolio Companies and direct investments in China, the US and India. That release stated that on a mark-to-market basis NPV would have been S$469 billion, reflecting a S$35 billion uplift from the unlisted portfolio. Official US$ pairings in that vintage were US$324b (book) and US$350b (MTM).

The 8 July 2026 package completes the methodology transition: from FY2026 onward, 1-, 5- and 10-year portfolio performance are reported on an MTM basis, and the published NPV series is restated on MTM from FY2016. The restated MTM NPV at 31 March 2025 is S$469 billion, matching the uplift figure previously disclosed, and the live headline at 31 March 2026 is S$518 billion. Researchers comparing 2025 and 2026 press titles should therefore distinguish book-basis S$434b (2025 vintage headline) from MTM S$469b/S$518b (restated series).

Temasek notes that approximately 75% of the portfolio was already valued on an MTM basis before the full transition—listed investments at market prices plus unlisted funds and co-investments marked to market—with the remaining about 25% previously carried nearer book and disclosed via uplift since 2022. MTM for remaining unlisted positions uses market-based inputs such as recent funding rounds and comparable company multiples; discounted cash flow may be used where future cash flows are highly certain.

Annex: Investments & divestments

For the financial year ended 31 March 2026 Temasek invested S$51 billion (US$39b official) and divested S$31 billion (US$24b), for net investment of S$20 billion. Cumulative decade activity to 31 March 2026: investments S$371 billion (US$276b) and divestments S$297 billion (US$219b). These flows sit alongside mark-to-market moves in explaining the S$49 billion NPV increase; the one-year narrative attributes uplift largely to listed Singapore TPC performance and realised gains from key divestments, tempered by a late-year Middle East-related drawdown.

Capital recycling language for TGI emphasises concentrating deployment into fewer, larger, higher-conviction opportunities aligned with structural trends and competitive strengths of key markets, while TPS emphasises resilient alternatives returns and differentiated GP/co-investor access that complements the equity-oriented book and contributes cash yield.

Annex: China & key markets

Five-year TSR of 4.6% is explicitly linked to China capital-market headwinds from 2021 to 2024. Temasek states it took deliberate steps from January 2024 to sharpen portfolio focus and strengthen execution, contributing to stronger returns for two consecutive years. China’s market valuations are described as having rebounded, and Temasek continues as an active China investor with underlying exposure up S$10 billion over the year. Named China-related investment examples in the 2026 narrative include ANE and Luckin Coffee.

CIO commentary in the same release stresses resilience in portfolio construction—companies with access to large domestic markets or strong global positions, competitive advantages and more resilient supply chains—while noting that liquidity and exposure sizing matter given private-market valuations and cycle speed. Focus markets named: the US, Europe, China and India. Leadership directory lists Wu Yibing as Chief Executive Officer, China, and Shen Ye as Deputy CEO, China.

Annex: STT GDC transaction

In February 2026, ST Telemedia’s remaining 82% stake in ST Telemedia Global Data Centres (STT GDC) was sold to KKR and Singtel for S$6.6 billion, described by Temasek as one of the largest digital infrastructure transactions in Southeast Asia. Official narrative frames the outcome as the result of a long-term partnership with STT since 2014, bolstered by a significant 2020 investment to fund STT GDC platform build-out and multi-market expansion in Asia, and supported during the sale process by institutional relationships including STT GDC joint-venture partners. UAO cites this only as an officially attributed example of TPC value realisation—not as a complete TPC holdings list.

Annex: Seviora & AMC platform

Seviora Holdings is described as Temasek’s primary / main Asset Management Platform. During the financial year, Pavilion Capital was integrated into Seviora Group, expanding Asia-focused private equity fund-of-funds and co-investment capabilities. Gabriel Lim, Executive Director and CEO of Seviora Holdings, is quoted on scaling the capital base and delivering long-term client value across private equity, private credit, public markets and tailored financing, with a vision of Seviora as a capital gateway between Asia and the rest of the world. Dilhan Pillay Sandrasegara is listed as Chairman of Seviora Holdings on the leadership page.

Footnoted AMC universe beyond Seviora-managed vehicles includes 65 Equity Partners, Aranda Principal Strategies, Decarbonization Partners and True Light Capital. TPS is working with Seviora on a strategic review of AMCs to strengthen investment discipline, drive value creation and capture opportunities.

Annex: AI four pillars

Temasek’s AI strategy is described as four mutually reinforcing pillars: (1) AI-enabling Temasek by embedding AI into how the firm invests and operates, augmenting human decision-making and productivity; (2) AI-proofing the portfolio by partnering with TPCs on adoption and managing GDI exposures for AI-related risks and opportunities; (3) scaling AI exposure through disciplined investments across the value chain; and (4) supporting AI diffusion beyond the portfolio via ecosystem partnerships, capability building, frontier access and responsible AI practices. An AI pod formed in 2019 as a multidisciplinary cross-functional team. Png Chin Yee’s spokesperson remarks note portfolio-wide fluency and adoption efforts with people at the centre of upskilling.

Exposure sizing aims (excluding related TPC exposure): AI-related about 6% of portfolio value toward up to 15% by FY ending 31 March 2031; focus areas along the value chain include energy and data centres, semiconductors, cloud service providers, foundation models, and AI applications and software infrastructure—including vertically integrated mega-caps.

Annex: Resilience, liquidity & listed tilt

Within GDIs, listed investments accounted for 63% and unlisted 37% of that segment. Although unlisted positions outperformed listed over the past decade on the disclosed annualised figures, Temasek states it increased allocation to liquid listed strategies for greater flexibility to rebalance and deploy capital amid uncertainty, and strengthened public-market capabilities including commodities such as critical metals and minerals enabling the energy transition, plus larger positions in developed-market equities.

Chairman Teo Chee Hean’s 2026 quote frames a world of geopolitical upheaval, technological breakthroughs and rising energy-resilience dependence, calling for disciplined investment seeking sustained risk-adjusted returns resilient through short-term cycles. CEO Dilhan Pillay emphasises clarity of purpose, systems thinking, thoughtful risk and conviction where opportunity appears, alongside the refreshed multi-entity structure operating as OneTemasek.

Annex: Dividends & shareholder accountability

Temasek declares dividends annually under a Board-set dividend policy that balances sustainable distribution of profits to the shareholder with retention for reinvestment to generate future returns, while accounting for the constitutional duty to protect past reserves. The Board recommends the dividend payout for shareholder acceptance at the AGM. The shareholder assesses Temasek on long-term returns; the Board Leadership Development & Compensation Committee recommends Board and management leadership plans, while shareholder Companies Act rights on Board composition remain subject to Presidential concurrence.

Annual engagement cadence stated officially: Board and senior management brief the President and Council of Presidential Advisers on performance and investment strategies; and meet the Finance Minister and Ministry of Finance officials to review the same. These rituals sit beside—not instead of—commercial Board fiduciary duties to Temasek as a company.

Annex: Exempt private company transparency

Temasek is an exempt private company under the Singapore Companies Act and is exempted from disclosing financial information publicly. Nonetheless it has published portfolio performance in the annual Temasek Review since 2004 and consolidated group financials in bond offering circulars. Annual statutory financial statements are audited by a major international audit firm. Compliance obligations under Singapore law and other jurisdictions of investment/operation are affirmed. This transparency stack is voluntary relative to listed-company norms and should be read as such by researchers.

Annex: 2026 Review spokesperson quotes

Beyond Chairman and CEO remarks, the 8 July 2026 release carries attributed quotes from: Chia Song Hwee (CEO, Temasek Global Investments) on execution since January 2024 and entity-level synergies; Rohit Sipahimalani (CIO, Temasek International) on resilience, liquidity/sizing and key markets; Png Chin Yee (CFO, TI / President, TSG) on TPC partnership and AI fluency; Nagi Hamiyeh (President, TGI / Head of EMEA) on selection discipline, minorities and selective control stakes; Alpin Mehta (Head of Private Equity Capital Solutions, TPS / Head of Real Estate, TGI) on GP operational depth and co-investment scaling; and Gabriel Lim (ED & CEO, Seviora Holdings) on the Asia capital-gateway ambition. UAO reproduces roles as titled in that release.

Annex: T2030 strategy language

T2030 is Temasek’s multi-year strategy frame to build a resilient, forward-looking portfolio that withstands exogenous shocks, performs through cycles, and captures growth with potential for good sustainable returns above risk-adjusted cost of capital. The 2026 organisational redesign is presented as enabling differentiated strategies, outcomes and skill sets across TSG, TGI and TPS while preserving OneTemasek collaboration. Sense–adapt–thrive language on the Review site mirrors the operating philosophy for a polycrisis environment in which geopolitics, technology, energy security and inflationary pressures interact, with AI as a cross-cutting force.

Annex: Temasek vs GIC vs CPF (official distinctions)

Temasek’s governance pages draw hard lines that UAO mirrors: Temasek owns its assets and is not the manager of CPF savings, of Singapore Government assets more generally, or of MAS foreign-exchange reserves. It also does not manage other Fifth Schedule entities’ assets. By contrast, GIC is Singapore’s reserves manager for the Government’s foreign reserves (see UAO GIC profile), and CPF Board administers Singapore’s mandatory savings scheme (see UAO CPF Board profile). All three relate to Singapore’s public balance-sheet architecture, but their legal mandates and asset-ownership claims differ—and Temasek’s primary materials insist on those differences.

NIR spending permission that references expected long-term real returns of GIC, MAS and Temasek is a fiscal rule for the Government as shareholder/beneficiary of those return streams; Temasek states NIR does not rewrite its past-reserves duty, dividend policy, or investment operations.

Annex: Board committees matrix detail

Official governance tables map Directors to Board, ExCo, Audit, LDCC, Sustainability, Risk and Cyber & AI Sub-Committee seats. Teo Chee Hean chairs the Board, ExCo and LDCC. Tan Chong Meng serves as Deputy Chairman, ExCo member, LDCC member and Sustainability Committee Chair. Ong Pang Thye chairs the Audit Committee and sits on Sustainability. Jim Hagemann Snabe chairs Risk and the Cyber & AI Sub-Committee and sits on LDCC. Tan Chee Meng sits on Audit, Risk and CASC. Geoffrey Wong sits on ExCo and Audit. Lee Theng Kiat sits on ExCo, LDCC and Risk. Jenny Lee sits on Risk. Leo Yip sits on LDCC, Sustainability and Risk. Jaime Augusto Zobel de Ayala sits on Sustainability. CEO Dilhan Pillay Sandrasegara is an ExCo, Sustainability, Risk and CASC member. Cheng Wai Keung is listed as a co-opted LDCC member.

Reserved Board matters—strategy, budget, audited accounts, major deals and funding, CEO appointment/succession, Board changes, risk appetite—mean that day-to-day portfolio shaping below those thresholds flows through SDIC within delegated authority, with minutes circulated to the Board for transparency when escalation thresholds are approached. This dual Board/management architecture is central to how Temasek describes commercial agility under constitutional past-reserves constraints.

Annex: Core leadership biography fold

Dilhan Pillay Sandrasegara joined Temasek in September 2010 after serving as Managing Partner of WongPartnership LLP, with more than twenty years’ legal experience focused on M&A, corporate governance and corporate law. Inside Temasek he previously headed Investment, Portfolio Management and Enterprise Development groups and led Singapore and Americas market teams. External roles listed on the Board page include boards of Climate Impact X and Verified Impact Exchange Holdings, the Peterson Institute for International Economics, Vice Chair of FCLTGlobal, and memberships spanning the World Bank Group Private Sector Investment Lab, Integrity Council for the Voluntary Carbon Market, MAS Financial Centre Advisory Panel, Singapore Judicial Service Commission, RIEC and MTI Future Economy Advisory Panel.

Rohit Sipahimalani joined Temasek in November 2008 after senior Morgan Stanley roles including Managing Director & Head of South East Asia Investment Banking in Singapore, with earlier Citibank and McKinsey experience in India. Inside Temasek he previously headed Telecommunications, Media & Technology and the India market. As CIO of Temasek International since 1 January 2020 he sits on SPRC and SDIC.

Chia Song Hwee joined Temasek in October 2011 after serving as COO of GLOBALFOUNDRIES following Chartered Semiconductor integration, and earlier as Director, President and CEO of Chartered (2002–2009). Temasek roles have included Co-CEO, COO, President, and heads of Investment, Credit Portfolio and Strategy groups, plus Singapore and China market leadership. From 1 April 2026 he is CEO of Temasek Global Investments; from 1 September 2026 also Chairman, Middle East & Africa; and Deputy Chair of SPRC, SDIC and SMC.

Png Chin Yee joined Temasek in July 2011 after co-heading Asia FIG investment banking at UBS. She became CFO on 1 January 2023 and President of Temasek Singapore on 1 April 2026, sitting on SPRC, SDIC and SMC. Prior Temasek work included Financial Services investments, China roles and Portfolio Strategy and Risk; she is also noted as a founding member of the Temasek Women’s Network.

Teo Chee Hean’s Board biography records service as Senior Minister (2019–2025), Deputy Prime Minister (2009–2019) and Coordinating Minister for National Security, plus earlier ministerial portfolios spanning Home Affairs, Defence, Education and the Environment, and prior service as Chief of Navy. He previously served on the GIC Board and chaired GIC’s International Advisory Board. Education markers listed: University of Manchester, Imperial College London, and Harvard Kennedy School (Littauer Fellow).

Annex: NPV and TSR definitions

Net Portfolio Value is defined as the net value of the portfolio—the total market value of investments after accounting for liabilities. Total Shareholder Return is a compounded, annualised measure that includes dividends distributed to the shareholder and excludes investments made by the shareholder into Temasek’s shares. Temasek reports TSR primarily in Singapore dollars as currency of account and additionally in US dollars for peer comparison. IRR for segment reporting is money-weighted and reflects timing and size of investment cash flows.

Valuation practice under full MTM: unlisted investments updated as market conditions change using market-based inputs (funding rounds, comparable multiples) or DCF where cash-flow certainty is high; listed holdings at market; GP-managed funds and co-investments already MTM. Temasek argues MTM gives a more representative view of current value, better reflects risk and volatility, and aligns reporting with global peers—while acknowledging greater visible volatility versus prior book-value carrying for the previously non-MTM slice.

Annex: Sustainable Living deployment examples

Within the S$5 billion Sustainable Living deployment for the year, Temasek named Luminace (distributed energy generation platform), CleanMax (renewable energy), NARI Technology (smart grid and power automation) and Amperesand (solid-state transformer systems for grid efficiency) as illustrative investments. Aligned portfolio value for the trend reached S$49 billion as at 31 March 2026. These examples are illustrative disclosures—not an exhaustive holdings list—and should not be extrapolated into invented position sizes.

Parallel climate metrics show intensity progress (WACI 83; portfolio carbon intensity 50) with absolute Total Portfolio Emissions steady at 21 MtCO2e for FY2026, alongside the candid statement that the interim 2030 target is unlikely to be met given mitigation divergence and hard-to-abate technology delays. Since 2019 absolute emissions are described as down ~30% while portfolio value grew >50%, framing intensity and absolute paths separately for readers.

Annex: Aranda private credit depth

Aranda Principal Strategies consolidated more than a decade of Temasek private-credit activity in 2024 with an initial S$10 billion portfolio. By the 2026 Review narrative the platform had crossed S$13 billion and was generating over S$1 billion in annual recurring income. Private credit was about 2% of portfolio value with an aim to scale to 5% by the financial year ending 31 March 2031, focusing on senior secured structures across corporate lending, asset-backed financing and real-estate credit to avoid concentration risk. This sleeve is positioned as a diversifier that complements equity-oriented exposure while contributing cash yield.

Annex: GDI examples & exits

Illustrative GDI investments named for the year include Anthropic and OpenAI in the United States, ANE and Luckin Coffee in China, and Ermenegildo Zegna Group in Europe. An exit from Schneider Electric India Private Limited is described as concluding a planned long-term holding in a joint venture that became a leading energy-management and industrial-automation platform in India. These names are official illustrations of activity—not a complete GDI book—and UAO does not invent ticket sizes or ownership percentages beyond what Temasek published for STT GDC.

Nagi Hamiyeh’s attributed remarks emphasise sharper selection and capital-recycling discipline, minority positions in quality businesses, selective control stakes in global or regional leaders, enhanced public-market capabilities for agile deployment, and deeper private-market access where partnerships and value creation can unlock value.

Annex: People, Heartbeat & offices

Temasek’s public materials reference a workforce of over 900 people spanning more than 30 nationalities under the Temasek Heartbeat cultural frame, and an international office network of 13 offices across 9 countries as listed in the About Temasek footer of the 2026 release. Office cities: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, Singapore, Brussels, London, Mexico City, New York, Paris, San Francisco and Washington, DC. UAO does not publish private phone numbers or personal emails from media/IR footers on this public Registry page.

TPC footprint statistics—approximately S$200 billion aggregate revenue and more than 400,000 employees globally—describe portfolio companies collectively, not Temasek’s own payroll. Distinguishing owner-operator headcount from portfolio employment is material for researchers sizing institutional vs. look-through labour exposure.

Annex: Voting & Investment Stewardship

Investment Stewardship, established in 2024, provides expertise on engagement, voting and governance and is tasked with helping TPCs sharpen capital-markets positioning through clearer investor communications of their value propositions to a broader institutional base. Voting is framed as a mechanism to promote sound governance, protect investor interests and support long-term value creation, including sustainable and responsible practices where relevant to long-term success.

A formal voting policy articulates governance principles and shareholder expectations on board composition and effectiveness, remuneration and shareholder rights. Jurisdiction-specific guidelines reflect local laws, market practices and governance codes while seeking consistency with Temasek’s core long-term shareholder principles. Voting decisions are informed by ongoing engagement and assessments of governance, leadership arrangements and alignment of performance, strategy and rewards.

Annex: Ethics, T-Code & whistle-blowing

The Senior Management Committee developed the Temasek Code of Ethics and Conduct (T-Code) and constituted an Ethics Committee to assist implementation; all employees must observe and comply with the T-Code. External parties may report alleged misconduct of Temasek board directors or employees via Temasek’s public whistle-blowing form; reports concerning portfolio companies should go to those companies directly because Temasek does not direct their day-to-day operations. Temasek states it handles such reports with integrity, expediency, independence and confidentiality, subject to law.

This ethics stack complements Board fiduciary duties and Fifth Schedule past-reserves duties. Misconduct or malfeasance is not condoned; portfolio-company boards remain accountable for their companies’ activities under Temasek’s published engagement expectations.

Annex: Review 2026 media pack pointers

Primary entry points for the 2026 reporting season: the 8 July 2026 NPV news release; Temasek Review 2026 microsite (temasekreview.com.sg) with Chairman letter from Teo Chee Hean; Portfolio Performance explainer pages; Sustainability Report 2026 path; and CEO address video transcript page for the Review 2026 media briefing. Theme language—From Complexity to Clarity—organises strategy, performance/portfolio, institution, sustainability and community stewardship modules on the Review site.

Segment snapshot cards on the Review homepage restate exposure and 10-year S$ IRR: PFAs 19% / 7.7%; GDIs 38% / 7.6%; TPCs 43% / 8.1% (≥20% stake language for TPCs). These cards match the release tables and are useful quick-reference corroboration when quoting mix and returns.

Annex: Extended milestone notes

Incorporation on 25 June 1974 began financial year 75 (25 June 1974–31 December 1975) in Temasek’s long NPV history charts; financial year-end later shifted from 31 December (pre-1993) to 31 March from 1994 onward—footnotes researchers must respect when reading inception-to-date NPV graphics on Portfolio Performance pages.

Leadership succession markers material to this profile: Rohit Sipahimalani’s CIO effective date 1 January 2020; Dilhan Pillay’s Holdings CEO effective date 1 October 2021; 2025 organisational announcement placing Chia Song Hwee as Co-CEO of Temasek International from 1 October 2025 during transition; Teo Chee Hean and Tan Chong Meng’s Chair/Deputy Chair appointments on 9 October 2025; operating go-live of TSG/TGI/TPS on 1 April 2026; Leo Yip’s Board appointment in August 2026 after retiring as Head of Civil Service on 1 April 2026; Wendy Koh joining as CFO-designate in August 2026; Chia’s MEA Chair role from 1 September 2026.

Annex: Cost of capital & performance frame

Temasek repeatedly ties portfolio construction and community-gift funding to performance relative to a risk-adjusted cost of capital. Community gifts since 2003 come from a portion of net positive returns above that hurdle, subject to Board approval. Investment-framework pages (linked from Portfolio Performance) describe how Temasek assesses performance against cost of capital; this UAO profile cites that linkage without inventing a numeric hurdle rate Temasek did not publish in the opened 2026 release tables.

Long-term TSR and NPV growth are presented as more reflective of mandate delivery than single-year results—especially given FX noise and episodic geopolitical drawdowns. The decade doubling claim for NPV on the MTM series is an official characterisation attached to the S$518 billion print.

Annex: Public-safety & corrections

Public Registry pages omit private telephone numbers and personal email addresses that appear in Temasek media and investor-relations footers. Official organisational domains and named public roles are sufficient for verification. Scam and impersonation warnings on Temasek’s own site reinforce using temasek.com.sg and temasekreview.com.sg as source-of-truth hosts.

Corrections and factual challenges for this UAO profile: info@universalassetowners.com. Influence Index values on Registry cards—if shown—are editorial composites for navigation, not credit ratings or Temasek performance scores.

FAQ

What is Temasek Holdings?

Temasek Holdings is a global investment company headquartered in Singapore, incorporated under the Singapore Companies Act on 25 June 1974 and wholly owned by the Singapore Government. It owns its assets and seeks to deliver good sustainable returns over the long term under the Purpose “So Every Generation Prospers.”

What is Temasek’s latest Net Portfolio Value?

As at 31 March 2026, Temasek reported Net Portfolio Value of S$518 billion on a mark-to-market basis, up S$49 billion from the prior year. Temasek also publishes its own conversions (US$401 billion, €350 billion, £304 billion, RMB 2.77 trillion) for the same date.

Is Temasek a sovereign wealth fund?

Temasek’s primary official self-description is a global investment company that owns its assets. It is wholly owned by the Singapore Government and is a Fifth Schedule entity, but it states it is not a fund manager of CPF savings, government assets, or MAS foreign-exchange reserves. UAO therefore does not force a classic SWF-manager mandate Temasek does not claim.

Who owns Temasek?

Temasek is wholly owned by the Singapore Government. The Ministry of Finance is the shareholder interface in Temasek’s governance narrative. The Board is accountable to the shareholder for long-term returns; Board and CEO appointments are subject to the President’s concurrence under Singapore’s past-reserves framework.

Who is the CEO of Temasek?

Dilhan Pillay Sandrasegara is Executive Director and Chief Executive Officer of Temasek Holdings, appointed 1 October 2021. He oversees Temasek Singapore, Temasek Global Investments, Temasek Partnership Solutions, and Temasek International, and chairs SPRC, SDIC, and SMC.

Who is Temasek’s CIO?

Rohit Sipahimalani is Chief Investment Officer of Temasek International, a role he has held since 1 January 2020 (joined Temasek in November 2008). This title was verified on Temasek’s live Our Leadership page for this profile.

Who chairs Temasek’s Board?

Teo Chee Hean was appointed Chairman of Temasek Holdings on 9 October 2025, after joining the Board as Deputy Chairman in July 2025. Tan Chong Meng is Deputy Chairman from 9 October 2025.

How is the portfolio segmented?

As at 31 March 2026: Singapore-based Temasek Portfolio Companies 43%, Global Direct Investments 38%, and Partnerships, Funds, and Asset Management Companies 19%. Ten-year IRRs in S$ were 8.1%, 7.6%, and 7.7% respectively.

What returns has Temasek reported?

As at 31 March 2026, Total Shareholder Return was 6.8% over 20 years and 7.1% over 10 years in Singapore dollars; five-year TSR was 4.6% and one-year TSR was 10.5% (14.8% in US$; 12.9% constant currency).

What changed in Temasek’s organisation in 2026?

From 1 April 2026, Temasek manages its investment portfolio through wholly-owned entities Temasek Singapore (TSG), Temasek Global Investments (TGI), and Temasek Partnership Solutions (TPS), with Temasek International (TI) as the institutional enabler, operating collectively as OneTemasek under T2030.

What climate targets has Temasek stated?

Temasek states it is unlikely to meet its interim 2030 climate target (set in 2019 to halve net portfolio emissions from 2010 levels) but remains committed to a 2050 net zero ambition. For FY2026 it reported Total Portfolio Emissions of 21 MtCO2e, WACI of 83 tCO2e/S$M revenue, and portfolio carbon intensity of 50 tCO2e/S$M portfolio value.

Is the UAO Influence Index a rating of Temasek?

No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation—not a credit rating, performance score, or official Temasek metric.

Sources & further reading

Official video

Official Temasek Digital video: Sharpening Our Strategy for Resilience (YouTube ID 2iEIUAW2V_M; oEmbed author Temasek Digital; page date ~15 July 2026).

Completeness note

This elite profile is built from opened Temasek primary pages and Review 2026 materials with a sourced-word target near 10,000. Non-blocking expansions if further primaries open: full Sustainability Report PDF tables; bond-circular consolidated financial line items; complete voting-policy PDF; detailed office address directory without private phones; and any subsequent Review interim updates. No filler invented people, seats, or unofficial USD headlines.

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